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The Currency of Trust

Currency.jpeg

Around the world today, there is roughly $5 Trillion in cash in circulation.

In the pockets of little kids. Laying on a sidewalk somewhere. In the wallet of a hedge-fund manager.

You probably have a little of it stashed away somewhere.

$5,000,000,000,000. 

It is a lot of coin.

Even more astonishingly, when including savings and checking accounts, it is theoretically possible up to $80 Trillion could be withdrawn from banks (not that they have so much actual cash on hand!).

If nothing changes, that’s enough to fund the US military for 115 years. In cash.

We put a lot of “faith” in currency. 

Faith our currency will remain legal tender. Faith our currency - certainly in investments and savings - will appreciate instead of depreciating. 

We fear inflation outstripping our ability to use the currency we hold.

Currency is the fuel for business decisions. For home decisions. For life decisions.

As leaders, we need to recognise the importance of a secondary currency impacting business far beyond dollars and cents.

Trust.

Trust is the currency of leadership. 

Earn it. Spend it. Save it up for a special occasion. Lose it in a risky venture.

Do what you will with the currency of trust you have, but you cannot deny it IS the currency of leadership.

The currency of trust is a slow earn and a fast spend.

I remember wasting some trust quickly when I ‘blew up’ at a direct report over a minor work-overage. I didn’t know at the time how long it would take to re-earn that spent trust.

Another time, I spent well-earned trust with our executive team by asking an unproven emerging leader to take on a key role. They succeeded, beyond even my expectations, stepping into greater and greater trust-heavy roles.

Some of the greatest trust earners I’ve witnessed were those who showed up consistently - early to start, slow to leave, and quick to take responsibility. They always seemed to have a lot of trust currency to spend.

Three Keys to Increasing our currency of trust:

- Consistency. If you said you’d do it; DO IT.

- Acknowledgment. If you see someone else do it; recognise their hard work.

- Transparency. If you messed up; OWN it.

What does the currency of trust look like in your team? Or in your own life?

How is earning trust going for you? What could you do this week to increase the currency of trust by 1% in your team?

Dan LakeTeam, Growth, TrustComment